Innocan Pharma, a pharmaceutical technology company, has reported a significant growth in its 2022 financial results, including a +1226% increase in revenue from the previous year. The company’s revenues rose to approximately $2.6 million from $196,000 in 2021. The increase in revenue growth was mainly due to the increased sales of Innocan’s subsidiary, BI Sky Global, which focuses on developing beauty microbrands for platforms such as Amazon and other retail marketplaces. The company also saw an increase in sales in the US via Amazon, with the product being awarded “Best Seller” under the category and in the Top 100 of beauty and personal care.
The gross profit for Innocan Pharma increased to approximately $2.1 million as of December 31, 2022, compared to approximately $121,000 during the prior year, representing an increase of approximately +$2 million. The company sees this substantial increase in operating profit as a meaningful indicator of the company’s growth. The cash balance stood at approximately $4.9 million as of December 31, 2022, representing an approximate 55% decrease compared to approximately $11 million at the end of the prior year due to continued investments in the company’s strategic goals, which resulted in a number of meaningful milestones.
But topical products are just the tip of the iceberg for Innocan, which is developing advanced CBD-based pharma technologies. On the R&D Front, Innocan Pharma is using its LPT CBD-loaded liposome platform to enable exact dosing and controlled release of CBD into the bloodstream. The company is targeting the veterinary market as a first step in licensing and commercialization, recognizing it as a significant opportunity for growth in cannabinoid therapy. The company is also expanding its patent portfolio of targeted healing products, positioning itself as a leader in cannabis-based therapeutics. This will unlock even greater potential for patients in need of effective treatment for chronic conditions.
The company is working to expand the distribution of its topical portfolio to several European countries, including Finland, Austria, Holland, Belgium, Slovakia, and Lithuania. In 2022, the company increased its IP scope in three disciplines: LPT CBD-Liposomes Cannabinoids, Exosome-Cannabinoids Synergism, and Premium Dermal Cosmetics. Innocan Pharma established patent families in these categories with the aim of using drug delivery platforms to maximize the activity of loaded cannabinoids and provide treatments for various conditions and afflictions, including pain relief, dermatology, and vaginal atrophy.
Innocan’s growth pillars for 2023 include Pre-IND meetings for veterinary and human applications of the LPT CBD drug delivery platform, expanding distribution agreements for the consumer wellness segment, and growing online sales partnerships. The company is setting ambitious goals for the coming year, with an emphasis on financially, scientifically, and in terms of its IP portfolio.
Looking ahead, Innocan Pharma’s impressive financial results for 2022, driven by its subsidiary BI Sky Global, are a significant milestone for the company. The growth in revenues and gross profit indicates the company’s potential for continued expansion and growth. With its innovative drug delivery platform technologies and a growing patent portfolio, Innocan Pharma is well-positioned to become a leader in cannabis-based therapeutics. The company’s focus on the veterinary market and expanding its distribution agreements in Europe is also promising. The company’s ambitious goals for 2023, including a Pre-IND meeting for its drug delivery platform and expanding its distribution agreements and online sales partnerships, further demonstrate the company’s commitment to growth and innovation. Investors should keep a close eye on Innocan Pharma as it continues to make strides in the pharmaceutical and consumer wellness markets.